This move is seen as a step towards improving financial connectivity between the two nations and supporting trade and economic activity.
India and Israel have signed several memorandums of understanding (MoUs), marking an important step in strengthening their strategic and economic partnership. One of the major MoUs was signed between the National Payments Corporation of India (NPCI), which runs UPI, and Israel to connect their digital payment systems, according to India Today.
The digital payments agreement will enable the use of India’s Unified Payments Interface (UPI) in Israel through collaboration between NPCI International and Israel’s payments operator – MASAV.”
The arrangement is to support cross-border transactions and improve payment connectivity between the two countries. Authorities are also examining the feasibility of linking fast payment systems to facilitate remittances and business payments.
The integration is expected to help Indian and Israeli businesses and individuals carry out financial transactions more easily. By linking the two systems, both countries aim to reduce transaction costs and processing time, making payments faster and more convenient.
UPI – The Global Benchmark for Digital Payments
India’s Unified Payments Interface (UPI) has become a global exemplar for digital payments – transforming how individuals, merchants, and institutions transact. Launched less than a decade ago, UPI today facilitates over 20 billion transactions each month and accounts for 84% of India’s digital retail payments. With over 504 million users and 65 million merchants, UPI has become foundational to India’s digital financial ecosystem.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
